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TOPIC

China's economic recovery

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China's economic recovery
This topic charts China's economic recovery as it, in 2023, enters an era of slower growth, along with an ageing and shrinking workforce, weak consumer demand and a property market downturn.
Open Questions series

Wu Shicun on why Beijing will not rule out Scarborough Shoal construction

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Illustration: Victor Sanjinez

Economist James Heckman on the value of risk-taking, and China’s ‘common goal’

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Illustration: Lau Ka-kuen

Zheng Yongnian on what US’ ‘neocolonialism’, Venezuela operation mean for China

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Illustration: Victor Sanjinez

Liu Qian on Chinese innovation, the US rivalry and women holding up half the sky

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Illustration: Victor Sanjinez Garcia

Fuchsia Dunlop tells how she fell for China’s cuisine and names her perfect dish

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Illustration: Lau Ka-kuen

80 years on from WWII, China’s interests lie in peaceful Asia-Pacific: Mitter

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Illustration: Lau Ka-kuen

Wu Shicun on why Beijing will not rule out Scarborough Shoal construction

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28
Illustration: Victor Sanjinez

Economist James Heckman on the value of risk-taking, and China’s ‘common goal’

videocam
7
Illustration: Lau Ka-kuen

Zheng Yongnian on what US’ ‘neocolonialism’, Venezuela operation mean for China

videocam
15
Illustration: Victor Sanjinez

Liu Qian on Chinese innovation, the US rivalry and women holding up half the sky

7
Illustration: Victor Sanjinez Garcia

Fuchsia Dunlop tells how she fell for China’s cuisine and names her perfect dish

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5
Illustration: Lau Ka-kuen

80 years on from WWII, China’s interests lie in peaceful Asia-Pacific: Mitter

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18
Illustration: Lau Ka-kuen
MORE FROM THIS SERIES
A customer buys vegetables at a market in Nanjing, in eastern China’s Jiangsu province, on March 9. Photo: Xinhua
China consumption

China eyes rural markets, local town centres to tackle national consumption woes

The nation is looking beyond its higher-tier cities like Beijing and Shanghai to address weak domestic demand.

China property

China’s first‑tier new home prices flat in July, ending 4‑month rebound

China jobs

China’s domestic demand further weakens in July, analysts bet on extra stimulus

China property

Reclusive Chinese billionaire strikes US$33m deal to take over Shanghai hotel

Online gaming billionaire Chen Tianqiao acquired the Mia Hotel at a discount, as investors bet on a recovery in China’s prime real estate market.

Tech billionaire Chen Tianqiao. Photo: Handout
Semiconductors

SMIC eyes expansion amid AI boom, Zhu Rongji dies, Shein nears IPO

This week: SMIC plans to boost chipmaking capacity on AI demand, former premier Zhu Rongji dies and retail investors flood Unitree IPO. Next week: Shein may open Hong Kong IPO, China retail sales may accelerate, Baidu and Alibaba post earnings, robots go on show in Beijing, and more.

Zhu Rongji

How Zhu Rongji’s economic legacy endures in China after former premier’s death

Remembered as a candid, decisive leader, the former Chinese premier championed entrepreneurship, welcomed foreign expertise and brought urgency to economic policymaking.

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China’s Communist Party

Zhu Rongji reforms fuel China’s economic transformation

Straight-talking premier laid much of the groundwork for China’s economic boom, including admission to the World Trade Organization.

Zhu Rongji during a 1999 visit to the Chicago Mercantile Exchange. Photo: Reuters
China's population

China’s marriage rate is still declining. What does it spell for the economy?

Fewer weddings, rising divorces and plunging birth rates risk exacerbating the fallout from a rapidly ageing population.

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US-China trade war

US faults China over vague overseas lending, warns of emerging-market debt risks

US State Department introduces tougher disclosure requirement covering sovereign loans, liabilities and collateral.

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China economy

Opinion | China’s economic problems have been diagnosed. Will policymakers act?

What is missing is the willingness to redirect resources away from growth engines of the past and directly support Chinese households.

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Vehicles being loaded onto a ship at Yantai Port in east China’s Shandong province on July 15. China’s gross domestic product grew 4.3 per cent in the second quarter, lagging the government’s growth target of 4.5 to 5 per cent for the year. Photo: Xinhua
Banking & finance

China’s banks look to unload US$8.2b in bad credit-card loans

The pace of disposal efforts has accelerated since July, coinciding with the country’s slowing economy.

The rise in transfers comes as lenders face mounting asset-quality and profitability pressures. Photo: Shutterstock Images
Banking & finance

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Infrastructure

How China’s Zhangjiajie aims to revive a US$296 million loss-making tourist site

A 150,000-visitor opening offers an early signal, but analysts warn that lasting cash flow will require stronger products, local culture and tighter operations.

7
China jobs

China’s viral ‘dream job’: tight labour market fuels rush for alternative work

A highly-coveted mountaintop gig has exposed the sobering economic realities facing young jobseekers.

After 22-year-old content creator Li Sichen beat nearly 3,600 applicants to become the first cloud observer at Laojun Mountain in Henan province, Chinese social media called it the ultimate dream job. Photo: Handout
China trade

July trade robust, fresh Chinese sanctions, Unitree IPO opens

This week: July trade growth moderates, Beijing retaliates against US sanctions and services activity growth slips. Next week: Subscriptions start for Unitree IPO, Tencent and Chinese chipmakers report interim earnings, July factory gate prices and more.

Air conditioners for export to Europe at a warehouse in Jiaozhou, Shandong province. Photo: Xinhua
Yuan

China needs a stronger yuan, ‘fiscal boost’ to drive near-term growth: analysts

Rebalancing economy and offsetting a record trade surplus requires targeted stimulus to counter growing global trade barriers, analysts say.

China economy

Opinion | China’s economic shift may hinge on what migrant workers do next

Where migrant workers go, what sectors they serve and how many stay employed will shape whether productivity gains go beyond the most advanced sectors.

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Electric & new energy vehicles

Chinese EV sales falter at home as growth slows

Big three Chinese premium vehicle makers’ deliveries decline in July and central bank vows steps to foster economic growth as it hits a four-year low.

Chinese-made MG Cyberster electric vehicles await loading onto a ship for export. Photo: AFP
Retailing

How global brands are winning in China’s sluggish retail market

The likes of Adidas and L’Oreal are thriving in the evolving market, showcasing strong growth driven by changing consumer demands.

China economy

Opinion | How likely is Beijing to walk the talk on boosting consumption?

As long as external demand holds up, policymakers appear relatively untroubled by weakening domestic demand, despite rhetoric to the contrary.

China property

China’s investors snap up prime office space, betting on a property rebound

Commercial properties are changing hands at a much faster rate in Shanghai and other major cities, as investors bet on a market rebound.

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Commercial property deals in Shanghai have risen significantly in recent months. Photo: Shutterstock
China deflation

The upside of downsizing: Chinese youth head for more affordable small towns

Fast-paced corporate jobs leave Millennials, Gen Z burnt-out and seeking simpler lives with fewer luxuries outside China’s megacities.

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China’s young people are increasingly quitting stressful corporate jobs and choosing simpler, cheaper lives in scenic rural towns. Pictured is the entrance archway to Mengzi Rice Noodle Town in Yunnan province. Photo: Getty Images
China GDP

China’s debt ratio dips. Why it may not bode well for the economy

Debt-level gains mask private-sector contraction, with government lone growth lever as households deleverage, firms shun borrowing: report.

China’s Communist Party

China factories cool, CXMT surges, PLA marks anniversary

This week: China manufacturing surprisingly contracts, the Politburo dampens stimulus expectations, memory maker CXMT surges after IPO, and the US bans imports of Chinese robots. Next week: The PLA celebrates its 99th anniversary, July exports may cool, HSBC posts earnings, soccer giants play in Hong Kong, and more.

Yuan

China’s offshore yuan hits 3-year high as Beijing signals policy support

Politburo’s pledge to stabilise growth and boost capital markets helps drive rally, reinforced by days of relatively strong reference rates by the central bank.

The Communist Party’s Politburo has vowed to step up macroeconomic policy support and enhance the resilience of capital markets for the rest of the year. Photo: Getty Images
China’s Communist Party

July Politburo meeting read-out

SCMP Plus annotates the read-out of the July meeting of China’s top-level Politburo, where it was agreed that the Communist Party’s fifth plenum will be held in October and which signalled stronger support for the economy.

July Politburo meeting read-out
China manufacturing

China’s manufacturing sector falters in July as growth momentum cools

Beijing faces renewed pressure to ramp up support as PMI falls to 49.2, a day after leadership signalled it would accelerate fiscal spending.

China economy

Macroscope | Upper arm of China’s K-shaped economy both a blessing and a curse

China’s two-speed economy stems from the shift to new growth engines but the export boom it has created is doing little for jobs or consumption.

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